1st auction of fine art and antiques

Auction rules Introductory provisions 1. For the purposes of these auction rules, the auction house means the company Staro-itnosti-Galerie USTAR Ltd., entered in the commercial register kept in the Regional Court in Ostrava in section C, insert number 44474, place of business Denisova 306/21, 779 00 Olomouc, company identification number 28611705, tax identification number CZ28611705 (hereinafter -the auction house-), which organises auctions of works of art and antiques. Auctions organised according to these auction rules are organised in accordance with the legal standards of the Czech Republic and in accordance with international conventions in the area of art trade. 2. The auctions are not public; they are accessible only to the clients of the auction house, and to other persons with the consent of the auction house. The carrying out of the auction is announced, at the auction house's discretion in the usual way, for example on the internet at www.ustar.cz, in the auction catalogue etc. 3. These auction rules are binding for all the auction participants, and persons participating in the auction are obliged to abide by them. Auction items 1. Items included in the auction are assigned numbers which correspond to their order in the auction; they are described and reproduced in the auction catalogue with the starting price and the estimated price. The starting prices of auction items are listed without the auction surcharge and without VAT. The prices of items listed in Euros in the catalogue are merely rounded-off amounts, for orientation purposes (exchange rate 25 CZK = 1 Euro). 2. All information about the auction items is provided to the best knowledge and awareness of the auction house experts, after consultation with experts in the relevant field, and taking into account information provided by the seller. The auction house explicitly informs auction participants that the auction includes items which have already been used, in a condition that corresponds to their time of origin. In the case of works of art and antiques, only faults or damage which affects their artistic value is stated. These items may be non-functioning, restored, damaged etc., which is already reflected in the valuation of the auction item. 3. Due to the delay between the issue of the auction catalogue and the carrying out of the actual auction, the auction house reserves the right to amend information listed about the auction items published in the catalogue. These potential amendments will be announced orally by the auctioneer, immediately before the auction of the relevant auction item. 4. The bidder can physically inspect the offered items before the auction, during the pre-auction exhibition, on the dates mentioned in the auction catalogue. During the course of the exhibition, all the visitors are obliged to respect every measure taken to protect the exhibited auction items. During the course of the exhibition and the auction itself it is forbidden, without the consent of the auction house, to take photographs or audio and video recordings. In case the interested party cannot attend the pre-auction exhibition, they can view the auction items on the internet at www.ustar.cz, where they are photographed and described in detail. During the auction, the auction items are no longer exhibited. For items whose starting price exceeds 10,000 CZK, the bidders may ask the auction house to send them information about the condition of the auction item, including any additional photos. The auction house is not responsible for any colour variations in the photographed auction items. 5. Complaints regarding functionality, price, quality or the condition of the auction item, after purchase at the auction (after the hammer strike), are ruled out, and the auction house is not obliged to deal with them. 6. Items marked in the catalogue with the letters (*KP) have been declared a cultural relic by the state and are subject to the rule of law no. 20/1987 Coll., regarding the care for relics in force by the state, as amended and set out in the implementing regulation. Auction participants will be informed by the auctioneer of this fact before the auction of the relevant item takes place. The export of all items of cultural value is subject to the rule of law 71/1994 Coll., which is in force regarding the sale and export of items of cultural value, as amended and set out in the implementing regulation. The auction house is not authorised to issue any declaration or guarantee regarding an auction item of cultural value being, or not being, subject to export restrictions. 7. The company Staro-itnosti-Galerie USTAR Ltd., expressly declares that it is not responsible for any damage, loss of profit or any other claim which may arise from the export or import of auction items by the bidder, seller or any other party. Auction participants 1. An auction participant may only be a person over 18 years old of full legal capacity, who abides by these auction rules and by the rules of proper and appropriate behaviour at auctions. Auction participants may only be clients of the company Staro-itnosti-Galerie USTAR Ltd. or other persons which have been, with the consent of the auction house, registered as auction participants beforehand. Every auction participant is obliged to properly register before the start of the auction and to collect their auction number, with which they will make bids to purchase auction items. The auction house requires the payment of a refundable deposit of 1,000 CZK for the auction number. The deposit for the auction number will be returned no later than 60 minutes after the end of the auctioning of the last auction item. For registration by the bidder, the auction house is authorised to request a valid form of identification or passport or, in the case of legal entities, a current print-out from the commercial register, or other register, in which their details are entered. It must be clear, from this print-out, who can act on behalf of the legal entity. 2. Auctions carried out by the auction house are not public; the circle of participants is limited and there is no legal right to registration at the auction. The auction house may refuse the registration of an auction participant without giving a reason. A person who tried to disrupt an auction in the past, or even thwarted an earlier auction by the auction house, may not be an auction participant. Neither an original owner (i.e. the owner of an auction item) nor a person bidding on their behalf, may be an auction participant. If the auction house itself is the original owner, then this restriction is invalid. Auction types which do not require personal participation at the auction - auction proxy bidding 1. AUCTION WITH A WRITTEN LIMIT 2. PHONE AUCTION - auction arranged in real time over the phone 3. ON-LINE AUCTION - auction in real time arranged over www.artfact.com and www.liveauctioneers.com according to rules on this servers. On the basis of a written power of attorney, it is possible to participate in the auction in absentia. The power of attorney form for registration for auction proxy bidding is available on the website www.ustar.cz, or at the end of the auction catalogue. The filled-in power of attorney, together with a copy of an identity card or passport, must be delivered to the auction house no later than 48 hours before the start of the auction - electronically, to e-mail address antik@ustar.cz, or physically, to postal address Staro-itnosti-Galerie USTAR Ltd., Denisova 306/21, 779 00 Olomouc. Forms received after the deadline will be accepted only if it is possible to do so; no guarantee of this is given. The auction house reserves the right to ask bidders for a bank guarantee, or a deposit of up to one half of the starting price. AUCTION WITH A WRITTEN LIMIT In this type of auction, the bidder must fill out, and deliver to the auction house, a written power of attorney (a registration form for auction proxy bidding) containing a clear indication of the authoriser, the representative, the catalogue number and description of the auction item, the maximum limit (the maximum sum, excluding the auction commission, which the authoriser is willing to pay for the auction item), and the date and signature of the authoriser. PHONE AUCTION In a phone auction, the bidder may bid for items that have a starting price of over 10,000 CZK. For registering for a phone auction, the same form as for auction proxy bidding with a written limit may be used. In the power of attorney, the bidder must clearly state the authoriser, the representative, mark the field -PHONE AUCTION-, state the language in which the phone auction will be conducted, the phone number which they will use to bid, the catalogue number and description of the auction item, and the date and signature of the authoriser. ON-LINE AUCTION Auction arranged on-line in real time through www.artfact.com or www.liveauctioneers.com. More information on this type of auction, and the conditions, can be found on the auction portal www.artfact.com or www.liveauctioneers.com. The auction house Staro-itnosti-Galerie USTAR Ltd., expressly informs the bidder that it is not liable for any non-delivery or omission of registration of the power of attorney for auction proxy bidding, for inability to get through to a telephone number, for a connection failure due to a fault in telecommunications, for continuous and uninterrupted access by the bidder to the on-line auction or the functionality of the system, particularly with regards to the fact that there are a number of external factors which the auction house has no influence over. The rules and course of the auction 1. The auction is conducted in Czech crowns. The auction is conducted by the auctioneer on behalf of the auction house; they announce the serial number of the item, a brief description of it, and the starting price. After the item is called out, auction participants who have an auction number can make binding offers (so-called -bids-) by the auction participant visibly raising the auction number that they hold in their hand. The auction participant is irrevocably bound by their bid; they are confirming that they have familiarised themselves properly with the auction item and with its description, and that they will purchase the item for the given sum. The auction of the item will take place as long as the auction participants make bids for it. Bids are determined by the auctioneer as follows: 100 CZK if the immediate auction price is less than 3,000 CZK 500 CZK, if the immediate auction price is less than 10,000 CZK 1,000 CZK, if the immediate auction price is less than 20,000 CZK 2,000 CZK, if the immediate auction price is less than 50,000 CZK 5,000 CZK, if the immediate auction price is less than 100,000 CZK 10,000 CZK, if the immediate auction price is less than 500,000 CZK 50,000 CZK, if the immediate auction price is less than 1,000,000 CZK 100,000 CZK, if the immediate auction price is less than 10,000,000 CZK 200,000 CZK, if the immediate auction price is at least 10,000,000 CZK or more. 2. If there was no bid made, the auctioneer will declare the auction item as unsold. As long as the auction participants make bids, the auctioneer will count the bids from the lowest to the highest. The auction item is always sold to the highest bidder. If more than one auction participant offers the same bid, and no higher bid is made, the auctioneer will decide which one of the participants they will sell them item to; the so-called -hammer strike-. A bid made in the auction room by an auction participant takes priority over other bids. If several written limits are the same, the successful bidder will be the person who delivered the written limit to the auction house the earliest. The immediate auction price is understood to be the sum called out for the auction item as the bids get higher. If the auctioneer invites a higher bid and none is given, then the auctioneer repeats the last - highest - bid with the words "going once........going twice.........gone to number.......- and, with a strike of the hammer, they finish the auction. With this, a purchase contract regarding the auction item is concluded between the auction house and the auction participant who made the highest bid (hereinafter -the successful bidder-). If, during the auction, a higher bid was overlooked by mistake, or if the auctioneer makes a mistake as to an offer being or not being made, the auctioneer may withdraw from the already concluded purchase contract, and extend the auction of the item by accepting a higher bid. Any objections to the progress of the auction must be made immediately, directly in the auction room, otherwise they will not be considered. The auctioneer adresses these objections on behalf of the auction house, and their decision is final; they are addressed in the spirit of the principles of fair trade and international conventions. The price reached during the auction, the purchase price, and the terms of payment 1. The price reached during the auction is understood to be the highest offer made by an auction participant, upon which the auctioneer conferred a hammer strike. This price cannot subsequently be reduced. The successful bidder, who won the auction by offering the highest bid, is aware of the fact that the auction house will add, to the price reached during the auction, an auction commission of 20% (Buyer´s Premium)of the price reached during the auction. Auction commission (Buyer´s Premium) for bidding on www.artfact.com and www.liveauctioneers.com is set to 23%. This auction commission is final and includes VAT as well as the GESTOR copyright tax. The successful bidder will pay this auction commission at the same time as the price reached during the auction. 2. Payment of the purchase price, which is understood to be payment of the price reached during the auction together with the auction commission, can be made in the following ways: a) in cash, in Czech Crowns, for sums not exceeding 15,000 Euro. By prior arrangement with the auction house, the auctioned items may be paid for in cash in Euro or US dollars. For conversion, the actual exchange rate for purchasing foreign currency EUR/CZK set by the Czech national bank on the day of the auction will be used. b) By bank transfer to the account of the company Staro-itnosti-Galerie USTAR Ltd. in Raiffesenbank plc., account number 5028663001, sort code 5500, IBAN: CZ8455000000005028663001, SWIFT CODE: RZBCCZPP, c) by MASTERCARD or VISA - in which case there will be bank charges of 3% of the total purchase price. 3. All financial commitments towards the auction house must be settled with 7 days of the issue of the sales receipt, unless otherwise arranged. If the successful bidder does not pay the entire sum owed on time, then the auction house is entitled to charge a penalty of 0.05% of the total outstanding amount per day. 4. If the successful bidder fails to pay the price of the auctioned items within the specified time limit, the auction house is entitled to demand the settling of the purchase price by commencing court proceedings. In this case, the successful bidder shall bear all costs associated with the recovery of the amount due. The auction house may also withdraw from the concluded purchase contract instead of recovering the debt. Gaining ownership, and transfer of the auction item 1. If the successful bidder has paid the entire agreed purchase price within the specified time limit, then they gain ownership of the auction item as soon as the payment is made. At the same time, the risk of damage, destruction, loss or accidental deterioration of the purchased item is also transferred to the successful bidder. All services provided by the auction house are considered, for tax purposes, to be the transfer of the auction item provided to the buyer (the successful bidder). 2. The auctioned items may be handed over to the successful bidder only after the payment of the entire amount owed to the auction house, which was incurred in connection with the auctioning of the auction item. The successful bidder will receive a tax receipt from the auction house and possibly also written confirmation of the gaining of ownership of the auction item. 3. The auctioned items will be transferred on the same day, on the basis of a receipt confirming payment for the auction item, at the place of auction, or subsequently in the gallery of the auction house Staro-itnosti-Galerie USTAR Ltd., Denisova 306/21, 779 00 Olomouc (opening hours: Monday to Friday 10:00am to 12:00pm and 1.00pm to 5.00pm). We recommend that the client arranges the transfer of the auction item beforehand by calling 00420 585 220 809. The auction item may be transferred only to the successful bidder or to a person who produces a notarised power of attorney, with which the successful bidder authorised this person to collect the auction item. 4. Storage of the auctioned items is free for up to 20 days. After this time, the auction house is entitled to charge the successful bidder a storage fee of 200 CZK for each additional day and each auction item purchased. If the successful bidder fails to collect the purchased and paid-for item within 120 days of the date of auction, then the auction house Staro-itnosti-Galerie USTAR Ltd. is entitled to sell the auction item to another interested party, at whatever price it can be sold for. In this case, the successful bidder is not entitled to any compensation. Sending auction items After written agreement with the successful bidder, the auction house will send the auction item to any address in the Czech Republic specified by the successful bidder. The auction house does not arrange transport of auction items abroad. To send an item outside the Czech Republic, the successful bidder may avail of the services of specialised transportation companies such as FedEx, UPS, DHL etc. All costs associated with the transportation of the item shall be borne by the successful bidder. The cost of the transportation of the item is determined according to the current price list of the selected external carrier. The risk of damage to the auction item is transferred to the successful bidder at the moment when the auction item is handed over to the external carrier who is providing transportation of the auction item to the location specified by the successful bidder. Liability for damage 1. All information about the auction items is provided based on the best knowledge and awareness of the auction house experts, after consultation with experts in the relevant field. Entries in the auction catalogue are made with the aim of providing the maximal objective information for the interested party. These entries are the result of careful investigation, but the accuracy of this information cannot be guaranteed. Every auction participant should personally familiarise themselves with the condition of the auction item prior to the auction, and it is completely up to their consideration whether the auction item corresponds to the description provided. The interested party may expertly assess the item on offer in person, according to their own experience and knowledge, or they have the option of inviting an independent expert to come for an inspection. 2. Neither the auction house nor its employees assume any responsibility for an incorrect description or for the authenticity of the auction item, and they do not provide any guarantees. 3. Any claim against the auction item may be made solely and exclusively by the buyer. The successful bidder may withdraw from the purchase of the auction item if they deliver to the auction house, within 30 days of the end of the auction, a written expert opinion from a competent expert witness indicating that the auction item is a fake, a forgery or a replica and confirming that the auction item really is forged or defective. The auction item must be returned to the auction house in the condition it was in at the time of the auction. Afterwards, the auction house will return, to the succesful bidder, the entire purchase price that they had paid to the company Staro-itnosti-Galerie USTAR Ltd. for the auction item. 4. The successful bidder expressly agress that, if the auction house is liable to the successful bidder for damage, then this compensation for damage will be limited to a maximum of the above-mentioned paid purchase price of the auction item. The auction house is not obliged to pay for damage, loss of profit or any other claims which may arise in connection with the purchase of the auction item. 5. If the original owner of the auction item conceals a defect in the works from the auction house, or if they are not aware of a defect in the works and it is discovered only after the auction, then the full amount of the liability shall be borne by the original owner. Final provisions The purchase of the auction item at the auction, and the legal relationships connected with it, are subject to Czech law. The relevant court, according to the place of business of the company Staro-itnosti-Galerie USTAR Ltd., is authorised to solve any disputes which may arise from the auction. The meaning of words and symbols listed in the catalogue In the opinion of our experts, words listed in the catalogue mean the following: signed - signed by the artist's own hand, inscribed - probably, but not necessarily, and authentic work by the artist, marked - may have been marked by someone else's hand, workshop/studio - the piece was probably created in a workshop; i.e. in the immediate vicinity of the artist, school - a piece created in the period and style similar to the artist or a regional group of artists, circle - a piece created within a wide sphere of influence by the artist, following - a piece create in the artist's style, but possibly at a later date, imitator - a piece originating from the imitation or repetition of a piece, created an unknown length of time after the original piece was created. *KP - the auction item was declared a cultural relic by the state and is subject to the rule of law no. 20/1987 Coll. in force regarding the care for state relics, as amended and set out in the implementing regulation In Olomouc on 01/09/2013 Mr. Pavel Urban, agent Mr. Zden-k Urban, agent Auction house: Staro-itnosti-Galerie USTAR Ltd, company identification number: 28611705, tax identification number: CZ28611705 Place of business: Denisova 306/21, 779 00 Olomouc Website: www.ustar.cz Phone: 00420 585 220 809 e-mail: antik@ustar.cz

By czech taxes.